The word “contribution” occurs so often that we stop thinking about its meaning. It seems to us as if to put money at interest is a completely primitive task.
However, try to stop on the street first comer and ask him a couple of questions about keeping savings in the bank. If you get intelligible answers, consider yourself very lucky.
Alas, many of us do not even try to master the basics of financial literacy – they just leave the receipts on the salary card, ignoring the specific features of this method of accumulation …
Deposit and deposit – is there any difference?
It is appropriate to call the deposit any values that the client transfers to the bank (for example, shares or bonds).
The contribution is the invested funds. This is a narrower concept.
Since any contribution will be properly called a deposit, two words are often used as very close synonyms.
Who can put money on interest?
To perform this operation on the territory of our country is entitled to any of its citizen aged 14 years .
As you can see, even a minor is capable of making a depositor.
When the need arises to preserve and increase the amount intended for a teenager, an adult can also open a contribution for him. Making a deposit for another person, physical or even legal, is a common practice.
I came to the bank with money … What’s next?
Each financial institution offers contributions to the range. The client must choose the appropriate option.
How to do this, you will learn from the article about the types of deposits . Here we will only warn you that you should take care to compare the conditions in advance. Each bank now has its own website, which advertises current products. Examine all the material in a relaxed atmosphere, make preliminary calculations.
So let’s say the contribution is selected. A bank employee will prepare a contract and give you papers for signature. Carefully read the document from start to finish. That it shows all the conditions of the game.
In particular, it determines whether a depositor can replenish a deposit or spend some part of it without losing a percentage.
Also, the client must :
- sign a statement of consent with the bank’s offer (the rules and conditions of depositing with this financial institution);
- get a document certifying the amount of the deposit.
Article 836 of Chapter 44 of the Civil Code of the Russian Federation states:
The written form of a bank deposit agreement is considered to be complied with, if the deposit is certified with a savings book, savings or deposit certificate or another document issued by the bank to the depositor that meets the requirements of the law provided for such documents, bank rules established in accordance with it and business customs. .
The deposit will be assigned details . If you later need to specify them, know what you have to submit:
- FULL NAME;
- twenty-digit number of the personal account on which the contribution is taken into account;
- correspondent account number;
- bank identification code (BIC).
Will the conditions change after the conclusion of the contract?
The bank cannot unilaterally reduce the interest rate on time deposits.
However, with demand deposits, the situation is more complicated. In article 838 of chapter 44 of the Civil Code we read:
Unless otherwise provided by the bank deposit agreement, the bank has the right to change the amount of interest paid on demand deposits.
Considering that the percentage of demand deposits is relatively small, it is worth repeating the advice: read the agreement carefully.
Is it allowed to collect a deposit before the deadline?
Transferring money to the bank, you still remain their owner.
Any bank is obliged to return funds from the deposit at your first request. It doesn’t matter how much time is left until the pre-set return date – day, month, year.
Another question is that no one is obliged to pay you interest in full in this case.
In the brochure “Bank Deposit” from the series “banking alphabet”, which is issued by the Central Bank of the Russian Federation, it says:
In case of early return of the deposit, the interest is paid in the amount of the interest on the demand deposit established by the bank, unless a different amount of interest is provided for in the contract.
That is, by taking a term deposit ahead of time, you will receive significantly less than you could.
What happens if a financial institution loses a license?
Deposits of individuals in Russia by default are subject to insurance in the state corporation Deposit Insurance Agency.
For insurance claims occurring after 29.12. 2014, reimbursement of deposits is paid in the amount of 100% of the amount of deposits in the bank, but not more than 1.4 million rubles.
You will receive the money no sooner than 14 days after the occurrence of the insured event (revocation of a license from a bank or the imposition of a moratorium by the Central Bank of the Russian Federation on satisfying bank creditors).
Where to apply for insurance compensation? This is usually reported to clients by the closing bank.
As a rule, the work is undertaken by another financial organization that has received the appropriate authority.
In extreme cases, it is advisable to seek clarifications directly from the Agency.
It operates a hot line – 8 800 200-08-05 , call for a free Russia.
Who will get the money if the depositor dies?
The deposit does not go to the bank, but is inherited – either by will or simply in the standard procedure established by law.
Instead of a will it is allowed to issue a testamentary disposition .
This service is free.
Take advantage of it just in case for the care of relatives. Sadly, we are all not eternal; even a very young man risks becoming a victim of an accidental accident …
How to respond to special offers
Sometimes it happens like this: a client contacts a bank, having already mapped out a specific deposit for himself, and he is suddenly offered another deposit, with much higher interest. The client is lost – what to do?
Usually a contribution with interest above the average level is an integral part of the service package.
To take advantage of the offer, you need to additionally purchase the product of the partner company – for example, a mutual investment fund (mutual fund) or an insurance company.
This is not a fraud, but a legitimate scheme.
It is very likely that it really deserves attention.
However, keep in mind how relevant for you all the components of the package, without exception, and keep in mind that the state deposit insurance system protects only deposits. With the same mutual funds you cooperate at your own risk.
To use some financial instruments in addition to the contribution is, of course, reasonable and beneficial, but you should not hurry. First, learn how to navigate them.